Please provide the answer to this general accounting question using the right approach. Evergreen Supplies reports the following figures:•Cost of goods sold (COGS) = $90,000•Beginning inventory = $40,000Ending inventory = $50,000What is Evergreen Supplies' inventory turnover?Options:A. 2.00B. 1.80C. 1.95D. 2.25

Step 1: Definition of Inventory TurnoverInventory Turnover is a financial metric that measures how…

Answered: Evergreen Supplies reports the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 12PB: Compare the calculations for gross margin for B76 Company, based on the results of the perpetual...

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Similar questions

Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost. Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales b v a-200UU - 230000 150000 2- Which of the following is a product cost as it relates to inventory? a Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.
What is the inventory turnover on these financial accounting question?
Problem 13-5A (Algo) Comparative ratio analysis LO P3 [The following information applies to the questions displayed below.] Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company Barco Company Kyan Company Data from the current year-end balance sheets Data from the current year's income statement Assets $ 800,000 Cash $ 18,500 $ 32,000 Accounts receivable, net 40,400 Merchandise inventory Prepaid expenses Plant assets, net 84,540 6,000 370,000 52,400 130,500 7,800 303,400 $ 526,100 $ 519,440 $ 69,340 $ 99,300 103,000 196,000 Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 83,800 180,000 186,300 $ 519,440 127,800 $ 526,100 Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share. Beginning-of-year balance sheet data Accounts receivable, net…
Inventory turnover? General accounting question
Determine the inventory turnover for Harbor Supply Co. based on the following information: • Beginning Inventory: $120,000 • Ending Inventory: $135,000 Cost of Goods Sold (COGS): $8,500,000 If the industry average for inventory turnover is 45, compare Harbor Supply Co.'s inventory turnover to the industry standard.
01 Ross Company provided the following data for the current. year: Problem 14-11 (IAA) Retail Cost 1,650,000 4,200,000 2,000,000 6N Beginning inventory Net purchases Net markup Net markdown 800,000 200,000 - Net sales The entity used the average retail inventory method to estimate ending inventory. It was determined that the average cost of the ending inventory was P1,950,000. If the entity used the FIF0 retail method, the cost ratio would have been 60%. 1. What is the amount of net purchases at original retail before markup and markdown? a. 7,600,000 b. 7,000,000 с. 4,200,000 d. 6,400,000 2. What amount was reported as net sales? a. 9,000,000 b. 3,000,000 c. 6,000,000 d. 7,000,000 3. What amount was reported as cost of goods sold? a. 3,900,000 b. 3,000,000 c. 3,600,000 d. 1,800,000 398 E HA C
If firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is $300,000, what is its ending inventory?a. 260,00b. $30,000c. $90,000d. $330,000
EX.09.11 (CH. 9) nty metrics of liquidi Logout gagenow.com takeAssignm current ratio and quick r keAssignmentMain.do?invoker-assign eBook Inventory Analysis The following data were extracted from the income statement of Brecca Systems Inc.: Preceding Year Current Year Sales $9,700,000 $7,175,000 Beginning inventories 420,000 400,000 Cost of goods sold 5,820,000 4,305,000 Ending inventories 550,000 420,000 a. (1). Determine for each year the inventory turnover. Round answers to one decimal place. Current year Preceding year (2): Determine for each year the days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Current year Preceding year days days h What conclucione can ho drawn from theca data concoming the inventories? Check My Work Q Search 144 B 9 0 0 Previous 12:46 PM 4/10/2024 4

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Evergreen Supplies reports the following figures: • Cost of goods sold (COGS) = $90,000 • Beginning inventory = $40,000 Ending inventory = $50,000 What is Evergreen Supplies' inventory turnover? Options: A. 2.00 B. 1.80 C. 1.95 D. 2.25